Global publication ComputerWeekly asked Meniga, as experts in personal financial management, to comment on financial literacy in adults today and how we can positively impact the financial future of the next generation.
“There are many financial tools and apps for adults on the market at present. Although that is a positive sign of proactive problem-solving and digital assistance, it could also be construed as a worrying indictment of how much the average adult needs help with their personal finances.”
Meniga’s CEO Georg Ludviksson identifies that proper personal financial responsibility has to be learned as children. And the reason why this hasn’t been done is that discussing finances with children is considered to be taboo, especially in the Nordic countries. This gap in the education of children has lasting repercussions as according to him, attitudes towards money are formed between the ages of 6 and 12.
“It’s my view that culturally, financial literacy and education has been appallingly ignored in all countries, compared to how important it actually is — especially in modern life when money is such a key reason for so many problems,” said Ludviksson.
This is why Meniga, and fellow nordic fintechs,Gimi and Bokio (also featured in the article) are all in concurrence on the importance of adults understanding the impact of their daily transactions, and then passing this knowledge and healthy practices on to their children.
Understanding personal finances is at the heart of what Meniga aims to achieve through its data-driven technology.
“We are trying to impact millions of people in a positive way with personal finance solutions,” said Ludviksson. “The path we chose, instead of launching our own apps, was to form relationships with banks so their banking solutions could evolve a role of personal coach application.”
It’s an unsettling time in our lives right now. Amid the global health pandemic and the impending economic crisis, many of us are sitting in our home “offices” wondering what the future holds for us and for our children. Among other things, the financial landscape will be vastly different than where we were just a month ago, with a lot of households facing a new reality of being in a financially difficult situation. We recently published an article on how banks can help their customers nurture their finances back to health.
Read the full article here.
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